Standard & Poor's Ratings Services has assigned its 'A+' long-term rating to St. Augustine, Fla.'s series 2013 capital improvement refunding revenue bonds and affirmed its 'A+' ratings on the city's parity non ad valorem debt. The 'A+' ratings reflect our assessment of the following credit strengths: Maintenance of very strong general fund reserves; Strong wealth levels, as measured by market value per capita; and Moderate overall debt levels. Partially offsetting these strengths are St. Augustine's recent assessed value (AV) reductions and adequate income levels, although this factor may be weighted down by the presence of a large retiree population. We understand the city will use series 2013 bond proceeds to refund its series 2004 capital improvement bonds, and for $2...
Companies mentioned in this report are:
- St Augustine
Action: New Rating
Action: Outlook: Stable
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